September 29, 2022

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Amid gasoline shortage, Nigeria loses N184bn to gasoline flaring in 6 months


Within the midst of shortage of gasoline and attendant rising worth, the Nigerian OilSpillDetection and ResponseAgency (NOSDRA) stated, the nation misplaced N184 billion to gasoline flaring within the first half of this 12 months.

That is regardless of the truth that, Nigerians are choking on the ever rising worth of cooking gasoline within the nation.

Analysts say, the loss appear to be moderating in comparison with final 12 months, when the nation misplaced N707 billion.

Based on the NOSDRA report, oil and gasoline firms working within the nation flared a complete of 126 billion commonplace cubic ft, SCF, of gasoline within the first half of 2022, resulting in a lack of $441.2 million, (about N183.54 bn) within the six-month interval.

However, in 2021, about 23,862.271 barrels of oil (3,770,238.864 litres/119 tanker vehicles) had been spilled.

Brent Worldwide was offered for a median of $71 per barrel in 2021, bringing complete income loss in that 12 months to $1.7 million.

The estimation put the equal of the quantity of gasoline flared within the first half of 2022 to carbon dioxide, CO2 emission of 6.7 million tonnes within the oil producing areas, 4.56 per cent greater than the 120.5 billion SCF of gasoline flared within the second half of 2021, and able to producing 12,600 gigawatts hours of electrical energy.

However, the amount of gasoline flared within the first six months of 2021 was able to producing 14,000 gigawatt-hour of electrical energy, and an equal of seven.4 million tonnes of CO2 emission.

Giving a breakdown of the gasoline flared within the nation within the first six months of 2022, the company disclosed that whereas firms working within the offshore oilfields flared 62.2 billion SCF of gasoline, firms working onshore flared 63.9 billion SCF of gasoline, valued at $223.6 million.

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